ARGENTINA – After a banner year at the underground San Jose silver and gold mine in Santa Cruz state, 49% owner McEwen Mining of Toronto says that this year’s exploration budget will be double last year’s or US$14 million. The mine began production in 2008 and is 51% owned by Hochschild Mining plc.
The San Jose mine has (as of Dec. 31, 2011) measured and indicated resources of 4.67 million tonnes averaging 457 g/t Ag and 6.95 g/t Au. Total contained metal is 68.6 million oz of silver and 1.04 million oz of gold. The inferred portion is 1.81 million tonnes grading 384 g/t Ag and 5.30 g/t Au or 22.38 million oz of silver and 309,000 oz of gold.
The mine had its highest yearly output to date – 5.9 million oz of silver and 80,000 oz of gold.
More information is available at McEwenMining.com.